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We are pleased that Becker, Gürtler and Hibbeln (BGH), authors of “Markowitz versus Michaud: Portfolio Optimization Strategies Reconsidered,” are interested in assessing the investment value of Michaud optimization (Michaud 1990, Michaud and Michaud 2008), relative to Markowitz (1952, 1959). As they note, Markowitz and Usmen (MU) (2003) compared Markowitz vs. Michaud efficient frontier optimization in a simulation study...